Ohio Low-Income Housing Tax Credit Program

  • PP&D Guidelines, Applications and Forms

The state of Ohio Low-Income Housing Tax Credit (OLIHTC) was created by the 135th Ohio General Assembly through Am. Sub. H.B. No. 33. The Ohio Housing Finance Agency (OHFA) serves as the allocating entity for OLIHTC, and may reserve OLIHTC from July 1, 2023, through June 30, 2027. The intent of the program is to create additional rental housing that would not have otherwise been created using federal, state, or private financing.

Modeled after the federal LIHTC, OLIHTC allows owners of qualifying affordable rental projects to claim tax credits against state taxable liabilities over a 10-year Credit Period. These credits are then exchanged by investors and syndicators for equity to help construct or preserve affordable rental housing throughout the state.

OLIHTCs are limited by a state statutory credit ceiling of $100 million per state fiscal year. The $100 million annual credit cap is the full 10-year credit period amount. It also must be paired with affordable rental housing proposals that have secured a reservation of federal LIHTCs pursuant to the applicable Qualified Allocation Plan (QAP). Specifically, 4% LIHTC projects must receive a 42(m) Letter of Eligibility from OHFA under the most recent 4% LIHTC QAP before formally committing OLIHTCs.


Guidelines


Pending Applications & Funded Projects


Forms

OHFA will begin accepting Pre-Applications on Monday, December 4, 2023. Pre-Applications may be submitted at any time on or after December 4, 2023, but must be submitted at least 30 days prior to submission of a Final Application in accordance with page 6 of the guidelines. Pre-Application submissions must be made via the Agency's File Transfer Site.

Capital Needs Assessment Documents

Market Study Documents

Uniform Relocation Documents


Ancillary Programs


Post Award


Rent Election

Closing

The goal of the legal team is to work with development partners to closing gap financing loans and grants awarded by the OHFA Board in an expedient manner. Before submitting the required documentation for closing, owners must have a fully executed Funding Agreement and/or Commitment Letter from the Office of Planning, Preservation, and Development.


Project Administration

Once a project has been approved by the board, and funding documents have been issued, it will transition to Project Administration.

Additional RC Documentation

8609 Request


Quarterly Construction Monitoring

OHFA monitors progress throughout construction. For more details please review Updates to OHFA Multifamily Construction Monitoring.

Submission of the OHFA Quarterly Construction Monitoring Form is required for 9% and 4% Housing Tax Credit and HDAP projects. The Report must be submitted on a quarterly basis beginning the first quarterly reporting period following OHFA Board approval through 100% construction completion. Reports are due January 1, April 1, July 1, and October 1 of each year until the project is placed in service. Outstanding submissions may impact a project's ability to receive future award funding and be reimbursed on a timely basis.


Contact Information

Questions and correspondence regarding the OLIHTC program may be directed to:

statetaxcredits@ohiohome.org
Development Division
Ohio Housing Finance Agency
2600 Corporate Exchange Drive, Suite 300
Columbus, OH 43231